Wall Street Not Worried So Long as SEC only Goes After Foreign-Types

Wall Street has been understandably nervous in recent times as the SEC has crawled out of a deep memory hole to charge billionaire hedge fund manager, Raj Rajaratnam, with insider trading. The prosecutor has also named four of Mr. Rajaratnam’s associates: Anil Kumar, Rajiv Goel, Rajat Gupta and Adam Smith.

An anonymous board member of Goldman Sachs has said that he believes all the charges, especially relating to Mr. Gupta’s involvement, are baseless and that “it is unfortunate that America is returning to an over-regulated nanny state, just as we are are emerging from a recession.”

“The only thing that makes this palatable is that the SEC has chosen to go after people who haven’t typically been associated with Wall Street. If you see the SEC start going after people who look like Hank Paulson or John Paulson or Tim Geithner then the SEC will have a big problem.”

The Goldman Sachs executive pointed out that it was unfortunate that the prosecutors were going after a man named Adam Smith. “Not only is his name not Raj Rajawhatever, his name is symbolic of the whole free market economy. The SEC is showing that despite it’s surface attempt to go after foreign-type people, it is really engaged in ideological warfare against the whole idea of western capitalism itself.”

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~ by mcgrenerex on March 10, 2011.

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